The Monetary Authority of Singapore (MAS) released a consultation paper on 6 September 2018 proposing a new Notice On Cyber Hygiene (Notice) which will set out cyber security measures (outlined in our detailed client alert here) for prescribed financial institutions regulated by the MAS (FIs). The Notice seeks to outline a "clear and common cyber security waterline for the financial industry".
Most of these FIs are already subject to an existing Notice on Technology Risk Management (TRM Notice) and Technology Risk Management Guidelines, among others, which imposes obligations in relation to managing technology risks. This proposed Notice goes further to impose more prescriptive legally binding obligations in relation to cyber security measures.
For further details, you can download the full alert here.